New $500m Islamic fund offered by Abu Dhabi’s Waha Capital

By Rahul Vaimal, Associate Editor
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Waha Capital
Representational Image

Abu Dhabi-based investment company, Waha Capital has launched has new income-focused Islamic fund, adding to its three existing funds within its asset management business.

The new fund named Waha Islamic Income Fund SP will invest in sharia-compliant assets across the Sukuk and equity markets with a global outreach for investments. The open-ended fund is expected to have a capacity in excess of $500 million.

Waha Capital’s investors represent a diversified mix of institutions (pension funds, endowments, SWFs, and family offices) from North America, Europe and the GCC. Waha Capital also invests in its own funds.

Amr AlMenhali
Amr AlMenhali,
CEO – Waha Capital

Commenting on the new fund, CEO Amr AlMenhali said: “While our existing funds have some Sharia-compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund.”

“We are confident that it will be well received because it avoids investment in prohibited or controversial activities or asset and business sectors that may be considered as particularly risky or potentially volatile. It will also only invest in entities that have relatively low gearing,” stated AlMenhali.

“Waha Capital intends to use its proven expertise to bridge a gap in what our clients are seeking from us, so as to offer them an actively managed, income-producing Sharia-compliant solution with a global dimension. We are positioning this new fund as a focal point around which we can build a whole Sharia-compliant offering,” he added